Glassnode: Bitcoin “supply in loss” jumps to 8.33M BTC as May pullback erases recent gains On-chain analytics firm Glassnode reports that Bitcoin’s Total Supply in Loss — the amount of BTC currently held at a net unrealized loss — has climbed to 8.33 million coins after the recent price pullback. What the metric means - The Total Supply in Loss is calculated by checking each coin’s last on-chain transfer price against today’s spot price. If the coin’s last transfer price is higher than the current price, that coin is counted as being “in loss.” - Its counterpart, the Total Supply in Profit, tracks coins whose cost basis is below the current price. Recent moves and context - During Bitcoin’s April–early May rally, the underwater supply fell sharply and dropped below 7 million BTC at the asset’s peak. - After the February crash the metric approached roughly 10 million BTC, so the network remains healthier than it was then — but the recent action is a reminder of renewed vulnerability. - A retracement to about $76,600 in mid-May pushed the supply in loss up to around 7.75 million BTC. The subsequent leg down to roughly $73,000 has added another ~580,000 BTC to the loss column, bringing the total to 8.33 million. Why it matters - The fact that some 580,000 BTC moved into loss during this pullback suggests a sizable tranche of recently transacted supply changed hands in the $73k–$76.6k range. Glassnode warns this cohort “adds to near-term sell pressure as holders reassess their positions into the correction.” Market snapshot - At the time of reporting, Bitcoin was trading near $73,200, down more than 5% over the past week. Bottom line: While Bitcoin’s on-chain health is still improved versus February, the uptick in supply held at a loss highlights how quickly unrealized profits can flip and potentially feed short-term selling pressure during corrections.
Glassnode: 8.33M BTC Now in Loss After May Pullback, Raising Near-Term Sell Risk
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Summary
Glassnode reports that 8.33 million BTC are now in loss following a recent market pullback. The metric tracks BTC held at a net unrealized loss, rising from below 7 million during the April–early May rally. The BTC price decline to around $73,000 added 580,000 BTC to the underwater supply. Glassnode warns this could raise near-term sell pressure as holders reevaluate positions.
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